Romania SAF-T and VAT cash registers roll out
- Jul 8, 2020 | Richard Asquith
Romania has proceeded with plans for a pilot of Standard Audit File for Tax (SAF-T) for large taxpayers . This would enable a full adoption by the end of 2020 for most businesses.
SAF-T was developed by the OECD in 2005 as a standard schema for the exchange of tax data between tax authorities and businesses around the world. It is already in place in nine European countries on a mostly on-demand basis. Poland is the only country to date that has made it a monthly filing requirement.
Hungary is also planning to introduce SAF-T in 2021.
Romanian VAT Cash Registers
Romania is linking this to the introduction of fiscal cash registers, linked to the tax office to provide live reporting of cash transactions to help prevent VAT fraud. This will start by September 2020 for large businesses, and roll out to all cash-based businesses by 31 January 2021.
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